Mark Lodge
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Gifting Property to Spouse - How to let HMRC know and forms to use?
I've completed all the forms with Land Registry and they have finally completed transfer of a property to my spouse. I've checked and, as there is no mortgage, there is no stamp duty or capital gains due at this point (although I understand that CGT will apply if property is sold later by my wife). I want to let HMRC know that transfer has occured and also expect to complete a self assessment later on showing that I no longer own property and have transfered it and my wife. Plus my wife will need to complete her own self assessment going forward and presumably notify HMRC she is receiepient of gifted property. How do I do all that? All the forms I find seem to be associated with notifying of a sale and capital gains or even inheritance related exemptions. There must be some forms I need to complete that notifies HMRC and shows zero tax implication at this point for the transfer of the property to my spouse? Or is it as simple as sending an email? Ay help on what to do to notify HMRC correctly is appreciated.